Cambridge, MA · Member since 2018 · 37 posts · 11 votes
Hi BP Community.
I am looking for more information on the Atlanta market dynamics. My family has inherited a single family property in College park County, Atlanta Georgia.
What is this market like? I have been told it is in a rough area.
I am looking for more information to figure out if its worth the hassle of renting out (poor tenants, CAPEX and property management)
Any feedback on valuing the investment would be greatly appreciated. I am looking to pitch to my family to keep the home because its mortgage free. However, I am unsure where to start.
Flipper/Rehabber · Decatur, GA · Member since 2009 · 25 posts · 11 votes
8y
Atlanta varies from one end of the city to the next and the property value is difficult to pin down because so much is happening so fast. But sounds like someone like Matt Wood might be a good connection. Depending on the condition of the house, I would sell the property to an investor or fix it up and sell it while the market is hot. then take the money and invest it in a property near you.
Atlanta, GA · Member since 2018 · 27 posts · 18 votes
8y
I stay in south Atlanta and just started wholesaling in the area (but college park really depends on the area). Overall yes it is considered a sketchy area. But some areas are nice and well developed. If you want to message me the exact address I can give you a better idea of what you are looking at. I am driving for dollars on Monday so I can drive by
Just so you know I am not looking to "get a deal" I am still learning so this would be great experience for me. Plus its not out of my way.
I stay in south Atlanta and just started wholesaling in the area (but college park really depends on the area). Overall yes it is considered a sketchy area. But some areas are nice and well developed. If you want to message me the exact address I can give you a better idea of what you are looking at. I am driving for dollars on Monday so I can drive by
Just so you know I am not looking to "get a deal" I am still learning so this would be great experience for me. Plus its not out of my way.
Investor · Washington, DC · Member since 2016 · 175 posts · 73 votes
8y
If you decide to rent it out, make sure you vet the property manager well. I'd start at IREM.com (or .org?) and look for a ARM accredited manager. PM me if you get that far, I can send you a list of interview questions that I use.
Investor · Cincinnati, OH · Member since 2015 · 242 posts · 182 votes
8y
Just because you inherited it and there’s no mortgage is not a good reason to jump into the rental business. Managing it long distance, especially if you haven’t done it before, makes it more risky. First determine what you could sell it for and calculate the net proceeds. Engage a realtor if needed. Let’s say net proceeds are $100K. Then ask yourself “If I had $100K would I invest it in this out of state rental property in a neighborhood which I know nothing about?”
Which is essentially your situation. I’m guessing the smart answer is no.
Great feedback. I did not think about it this way.
Currently manage an out of state rental, however, the scenario is different. It is in an "A" neighborhood with better systems in place. Family lives within 50 mins max of the property. A lot less risk there.
The ATL unit is in a rough part of town with no true systems in place. This was just a thought. When you put it this way " If I had $100k would I invest it in this out of state rental in a neighborhood which I know nothing about" makes for an easy answer, No.
Would rather look at markets where we have feet on the ground and local knowledge. Thanks!
Investor · Atlanta, GA · Member since 2014 · 112 posts · 80 votes
8y
@Andrew C. College Park/East Point is still fairly 'block by block' and each neighborhood can be different, but there are a lot of positive indicators in the area. The airport development is booming and we own and manage properties around CP. Curbed had it rated as one of the top 'up and coming' neighborhoods last year as well:
Totally depends on your situation though in terms of what you outsource vs what you take on yourself if you decide to keep the property. Either way, its a great problem to have! You're in a good situation.
Cambridge, MA · Member since 2018 · 37 posts · 11 votes
8y
Thanks for the input @Matt Wood looking to travel to ATL later this month to understand the area and the house dynamics. All will play a key factor in help us come to an ultimate decision.
Flipper/Rehabber · Decatur, GA · Member since 2009 · 25 posts · 11 votes
8y
Atlanta varies from one end of the city to the next and the property value is difficult to pin down because so much is happening so fast. But sounds like someone like Matt Wood might be a good connection. Depending on the condition of the house, I would sell the property to an investor or fix it up and sell it while the market is hot. then take the money and invest it in a property near you.
Developer · Decatur, GA · Member since 2011 · 1k+ posts · 1k+ votes
8y
@Andrew C. You should look into how to exchange or sell property to something in Houston. People usually become landlords out of state because they live in an undesirable area. To me, Houston is just a small step down from Atlanta :-) so it's not worth the hassle.
Thanks for the feedback. Have been gaining more market insight and dynamics over the last few weeks. I am visiting the house EOM and will get a good feel for the area and the house itself. BP community has been great, giving me great information and market analysis that will help my family and I make a decision.
Do not think i will be looking into Houston market now, I am here briefly for a rotational program... Leave for Jacksonville in August.